That, boys, is a good subject to discuss. It is, isn't it ? Well no, because it is an expensive and awkward exercise. Hoddo, hopefully it is not the bearing, but obviously the wheel has been off and most of the other components your mechanic would have been able to check. If it is the large bearing, it is in fact the rear hub bearing, and it is large and it is expensive to buy new. There is an after market bearing available, albeit it is slightly narrower than original, but that wouldn't stop you from using it.
I checked bearing prices probably four, five, six years ago, and genuine was 'gang buster' in those days - maybe about $250.00. God only knows what it would be nowadays. Eight hours work seems a pretty fair time estimate, and if you're paying a hundred buckeroos per hour, the bill will be substantial. I well remember a seven hundred dollar bill for a day's work, but the mechanic is good - if we're talking the same guy.
You will also need to budget for associated components if you are replacing that large bearing - in other words, do it all at the same time, and you won't have to look at again for many years to come. I would also be very interested if the guy has the special tool that would be NICE to have to undo the large slotted nut. That can be a bugger to undo - in fact, the more I think about it, eight hours is a good time. Regards Styria